Ministry issues new circular to improve stock market transparency

Saturday, 25/11/2023 19:00
The Ministry of Finance has issued a new circular which aims to improve stock market transparency in Vietnam, according to Vietnam News Agency.
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Headquarters of The Ministry of Finance (MoF). (Photo: MoF)

Circular 69/2023/TT-BTC, amending and supplementing several articles of Circular 57/2021/TT-BTC issued on July 12, 2021, will come into effect on December 30, 2023.

It provides guidelines for the reorganisation of the stock trading market, bond trading market, derivatives trading market, and trading market for other types of securities in Vietnam.

Under Circular 69, the Ho Chi Minh Stock Exchange (HoSE) is mandated to reorganise the trading market for stocks, fund certificates, and covered warrants in accordance with the Securities Law and its associated regulations. The reorganisation process is expected to be completed no later than December 31, 2026, ensuring compliance with the stipulated legal framework.

As part of the reorganisation efforts, the HoSE is set to receive and review listing registration applications for new stock trading from eligible organisations. To be eligible, organisations must meet the listing conditions outlined in Decree No 155/2020/NĐ-CP, dated December 31, 2020, and possess contributed charter capital of at least 120 billion VND (4.9 million USD) at the time of listing registration. The deadline for receiving and reviewing these applications is set before July 1, 2025.

Circular 69 also includes provisions concerning the transfer of shares of listed organisations from the Hanoi Stock Exchange (HNX) to the HoSE. By December 31, 2025, the HoSE is required to complete the process of receiving shares from HNX-listed organisations. This transfer aims to streamline and consolidate securities trading activities within a unified market.

Furthermore, the circular introduces amendments to certain clauses of Circular 57. It specifies that HNX will receive and review listing registration applications from eligible organisations before July 1, 2025. Eligible organisations must meet the listing conditions defined in Decree No 155 and possess a contributed charter capital of at least 30 billion VND at the time of listing registration.

Starting from July 1, 2025, HNX will no longer accept new stock listing registration applications from organisations. The transfer of shares from HNX to HoSE for listed organisations is expected to be completed by December 31, 2025.

In cases where an organisation has submitted a stock listing registration application to HNX before July 1, 2025, but the listing has not been approved, HNX is responsible for transferring the organisation's listing registration dossier to HoSE before July 8, 2025. This allows HoSE to continue processing the organisation's listing registration in accordance with the legal regulations.

If the HoSE receives a listing registration dossier from an organisation with contributed charter capital of less than 120 billion VND at the time of listing registration and the listing has not been approved by the effective date of Circular 69, the HoSE must transfer the organisation's listing registration dossier to the HNX for further processing according to legal regulations. The deadline for transferring listing registration documents is within five working days from the effective date of Circular 69.

Circular 69/2023/TT-BTC will play a crucial role in restructuring the securities trading markets in Vietnam, promoting transparency, and aligning with international standards. The measures outlined within the circular aim to enhance the efficiency and effectiveness of securities trading, bolster investor confidence, and contribute to the overall development of Vietnam’s capital market.

Vietnam’s rubber industry goes green

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Many domestic rubber firms are pursuing a green strategy. (Photo: vneconomy.vn)

Many domestic rubber firms are pursuing a green strategy in an effort to reduce waste and verify sustainable forest management certificates to better promote the Vietnamese rubber brand globally, according to Vietnam News Agency.

Five years ago, the Vietnam Rubber Group (VRG) piloted a programme on sustainable rubber forest management, creating a premise for its members to expand their rubber areas. 

The group reported that as of the end of the third quarter, 30 of its member companies set forth sustainable forest management plans, up nine from the 2022 figure, spanning 272,000 hectares or 95% of the total area.

Meanwhile, 18 members have been granted sustainable forest management certificates with more than 113,000 hectares, fulfilling 83% of the set target.

Dau Tieng Rubber One-Member Co. Ltd, for example, is managing more than 28,000 hectares in 16 communes and townships in Dau Tieng and Bau Bang districts, and Ben Cat town. Of the area, 8,000 hectares have received GFA certification for sustainable forest management.

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Illustrative image (Source: VNA)

Apart from cultivation, the group has shifted its operations to green production, helping raise the awareness of its workers about environmental protection.

Dong Phu Technical Rubber JSC under Dong Phu Rubber JSC said it has recovered all of post-production by-products which are then processed to serve other

Rubber latex processing factories have also recycled water, which has helped them save operating costs and use water resources more efficiently.

Korea Game Week 2023 takes place in Da Nang

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Students take part in a game competition at the event. (Photo: VNA)

The first Korea Game Week 2023 took place in the central city of Da Nang from November 24-25, introducing the latest gaming technologies from the Republic of Korea (RoK) and its culture to people in the central region, according to Vietnam News Agency.

The event was co-organised by the RoK Embassy in Vietnam, the Korea International Cooperation Agency (KOICA), and Vietnam - Korea University of Information and Communication Technology.

Speaking at the event, Assoc. Prof. Dr Huynh Cong Phap, the university principal, said that visitors to the event can experience the RoK’s gaming technology and culture. It also brings opportunities for Korean enterprises and Vietnamese training institutions to meet, exchange, and seek cooperation, particularly in human resources training for the gaming industry.

The event featured activities including a game programming and designing contest, an e-sport competition, talks with popular gamers, streamers, and influencers, an exhibition of works submitted to the Game Graphic Design Contest, and an exhibition of the Korean game industry and Korean culture space.

Vietnam values tourism cooperation with Italy

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A corner of Ha Long Bay, the first world natural heritage site of Vietnam, located off the coast of Quang Ninh province. (Photo: VNA)

Vietnam values tourism cooperation with Italy, considering it a basis for the bilateral relations’ sustainable and long-term growth in the time to come, Vietnam News Agency quoted sayings of Deputy Minister of Foreign Affairs Nguyen Minh Hang at the launch of a Vietnamese tourism promotion programme in Milan on November 24.

The diplomat remarked that in Vietnam's tourism development strategy, Italy is identified as one of the key markets with significant potential for exploration. However, the number of Italian tourists visiting Vietnam and vice versa remains relatively modest.

There is ample room for cultural and tourism engagements between the two countries, she said.

With the favourable location of the Milan airport – a key transit hub in Italy and Europe, Hang recommended that both sides soon explore the possibility of establishing a direct flight route between Milan and Vietnam and increase their tourism promotion activities serving better collaboration in the field as well as people-to-people and cultural exchanges.

Andrea Tucci, vice president of aviation business development at SEA Milan Airports, told the Vietnam News Agency that the promotional programme is a highly anticipated initiative. Through it, various new travel opportunities and the early development of direct connections between the two markets can be introduced to the public.

The launch featured a lucky draw to win three free round-trip tickets on the France – Vietnam air route, a dragon dance performance, a photo exhibition, and Vietnamese culinary delights./.

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